“Consumer sentiment has remained strong, reflecting growing real wages, low unemployment and, as yet, the absence of any major economic upheaval post-EU vote. When it comes to the impact of the vote, people are relatively positive about the big-picture issues such as the UK’s economic growth, and most feel that it won’t have any real impact on their household income or career prospects.

Consumers’ biggest concern is around what it might mean for the cost of living, and with inflation starting to pick up there is a very real chance of a return to the post-recession income squeeze. There are already early signs of a shift in consumer behaviour in anticipation of price rises in early 2017, and if wage increases do start to lag behind price rises, then this will inevitably start to feed through into people’s spending decisions.”

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Table of contents

Key Findings

No real signs of the “Brexit blues” for most consumers…

…but there are warning signs ahead…

…particularly among lower-income households

Prices remain by far the biggest Brexit-related concern

Key economic indicators

Figure 1: Key Economic Indicators, January 2017

Consumers’ Response to the EU Referendum Result

What you need to know:

The cost of living is the biggest concern…

…and these worries are already affecting consumer behaviour

Figure 2: Consumer views on the impact of the EU Referendum on the UK economy, December 2016

People are more relaxed about what Brexit means for their own finances